PM press conference happening now

Posted: Wednesday, March 8, 2017. 10:45 a.m. CST.

By BBN Staff: Prime Minister Dean Barrow is currently holding a press conference at the Best Western Belize Biltmore Plaza, to discuss the restructuring of Belize’s US Dollar Bond (Superbond). Barrow also said that he will be speaking on the National Budget, after the restructuring discussions.

Barrow, flanked by Attorney General, Michael Peyrefitte; Financial Secretary, Joseph Waight and Economic Ambssador Mark Espat, began with a brief history of the Superbond.

Barrow explained that the Superbond began with 21 loans made by the People’s United Party, the majority of which were done at interest rates of over 9 percent.

Barrow explained that under the new terms, GOB has ensured that it has not committed to an International Monetary Fund (IMF) program.

He maintained that GOB will consider any recommendations the IMF makes and publish those recommendations; however, will only consult the IMF in the event it fails to meet its 2 percent surplus target.

 

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